Keurig Dr Pepper Inc.

2. Acquisitions

JDE PEET'S ACQUISITION

On August 24, 2025, we entered into the JDE Peet's Acquisition Agreement, pursuant to which KDP will commence a tender offer to acquire all of the issued ordinary shares, excluding ordinary shares in treasury, of JDE Peet's for a cash offer price of €31.85 per share, without interest. JDE Peet's is a global coffee and tea company, serving more than 100 markets, with a portfolio of leading brands including Jacobs, L'OR, and Peet's. The JDE Peet's Acquisition is expected to occur in the first six months of 2026 and is subject to certain regulatory approvals, as well as the acceptance of the offer by the shareholders of JDE Peet's.

In connection with the JDE Peet's Acquisition, we entered into the Bridge Credit Agreement, which provides for a 364-day senior unsecured bridge loan facility in an aggregate amount not to exceed €16.2 billion. Refer to Note 3 for additional information.

DYLA ACQUISITION

On June 2, 2025, we completed the acquisition of Dyla for aggregate consideration of $98 million. Dyla is a leading player in powdered drink mixes and liquid water enhancers. Prior to the acquisition, we held direct and indirect ownership interests in Dyla and accounted for the investment as an equity method investment. In order to complete the acquisition of Dyla, net of our previous ownership interest, we paid $69 million in cash, and approximately $3 million of cash was held back and placed in escrow, which was released in the third quarter of 2025.

Our allocation of consideration exchanged to the net tangible and intangible assets acquired and liabilities assumed was based on estimated fair values as of June 2, 2025, and the consideration was primarily allocated to intangible assets and goodwill. In the third quarter of 2025, we finalized our allocation of consideration exchanged in the Dyla acquisition, withno significant measurement period adjustments recorded.

GHOST TRANSACTIONS

In the first quarter of 2025, we finalized our allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed in the GHOST Transactions based on estimated fair values as of December 31, 2024, with no significant measurement period adjustments recorded.

KALIL ACQUISITION

In the third quarter of 2025, we finalized our allocation of consideration to the net tangible and intangible assets acquired and liabilities assumed in the Kalil Acquisition based on estimated fair values as of August 9, 2024, with no significant measurement period adjustments recorded.